Wednesday, June 10, 2009

Air Canada said late Monday that it has reached tentative deals on pension funding moratorium and collective agreement extension with three of its unions.

The airline said in a release late Monday it reached the agreements with the International Association of Machinists and Aerospace Workers, the Canadian Auto Workers union and the Canadian Airlines Dispatchers Association.

Collectively, they represent 16,500 employees or more than 60 per cent of its unionized workforce in Canada.

Air Canada said late Monday that it has reached tentative deals on pension funding moratorium and collective agreement extension with three of its unions.

The airline said in a release late Monday it reached the agreements with the International Association of Machinists and Aerospace Workers, the Canadian Auto Workers union and the Canadian Airlines Dispatchers Association.

Collectively, they represent 16,500 employees or more than 60 per cent of its unionized workforce in Canada.

Air Canada said late Monday that it has reached tentative deals on pension funding moratorium and collective agreement extension with three of its unions.

The airline said in a release late Monday it reached the agreements with the International Association of Machinists and Aerospace Workers, the Canadian Auto Workers union and the Canadian Airlines Dispatchers Association.

Collectively, they represent 16,500 employees or more than 60 per cent of its unionized workforce in Canada.

Air Canada said late Monday that it has reached tentative deals on pension funding moratorium and collective agreement extension with three of its unions.

The airline said in a release late Monday it reached the agreements with the International Association of Machinists and Aerospace Workers, the Canadian Auto Workers union and the Canadian Airlines Dispatchers Association.

Collectively, they represent 16,500 employees or more than 60 per cent of its unionized workforce in Canada.

The Scotch Whisky Association is asking Canada's highest court to stop the operators of the Glenora Inn and Distillery in Cape Breton from using the word "Glen" in the name of its whisky.

Glen Breton Rare Canadian Single Malt Whisky is the only single malt produced in Canada, according to the Glenora Inn and Distillery website.

Earlier this year, the Federal Court of Appeal ruled against the association's argument that the word would confuse consumers into thinking they were buying whisky made in Scotland. Now the association is asking the Supreme Court of Canada to overturn that decision.

The Scotch Whisky Association is asking Canada's highest court to stop the operators of the Glenora Inn and Distillery in Cape Breton from using the word "Glen" in the name of its whisky.

Glen Breton Rare Canadian Single Malt Whisky is the only single malt produced in Canada, according to the Glenora Inn and Distillery website.

Earlier this year, the Federal Court of Appeal ruled against the association's argument that the word would confuse consumers into thinking they were buying whisky made in Scotland. Now the association is asking the Supreme Court of Canada to overturn that decision.

The Scotch Whisky Association is asking Canada's highest court to stop the operators of the Glenora Inn and Distillery in Cape Breton from using the word "Glen" in the name of its whisky.

Glen Breton Rare Canadian Single Malt Whisky is the only single malt produced in Canada, according to the Glenora Inn and Distillery website.

Earlier this year, the Federal Court of Appeal ruled against the association's argument that the word would confuse consumers into thinking they were buying whisky made in Scotland. Now the association is asking the Supreme Court of Canada to overturn that decision.

The Scotch Whisky Association is asking Canada's highest court to stop the operators of the Glenora Inn and Distillery in Cape Breton from using the word "Glen" in the name of its whisky.

Glen Breton Rare Canadian Single Malt Whisky is the only single malt produced in Canada, according to the Glenora Inn and Distillery website.

Earlier this year, the Federal Court of Appeal ruled against the association's argument that the word would confuse consumers into thinking they were buying whisky made in Scotland. Now the association is asking the Supreme Court of Canada to overturn that decision.

The Scotch Whisky Association is asking Canada's highest court to stop the operators of the Glenora Inn and Distillery in Cape Breton from using the word "Glen" in the name of its whisky.

Glen Breton Rare Canadian Single Malt Whisky is the only single malt produced in Canada, according to the Glenora Inn and Distillery website.

Earlier this year, the Federal Court of Appeal ruled against the association's argument that the word would confuse consumers into thinking they were buying whisky made in Scotland. Now the association is asking the Supreme Court of Canada to overturn that decision.

The Scotch Whisky Association is asking Canada's highest court to stop the operators of the Glenora Inn and Distillery in Cape Breton from using the word "Glen" in the name of its whisky.

Glen Breton Rare Canadian Single Malt Whisky is the only single malt produced in Canada, according to the Glenora Inn and Distillery website.

Earlier this year, the Federal Court of Appeal ruled against the association's argument that the word would confuse consumers into thinking they were buying whisky made in Scotland. Now the association is asking the Supreme Court of Canada to overturn that decision.

The Scotch Whisky Association is asking Canada's highest court to stop the operators of the Glenora Inn and Distillery in Cape Breton from using the word "Glen" in the name of its whisky.

Glen Breton Rare Canadian Single Malt Whisky is the only single malt produced in Canada, according to the Glenora Inn and Distillery website.

Earlier this year, the Federal Court of Appeal ruled against the association's argument that the word would confuse consumers into thinking they were buying whisky made in Scotland. Now the association is asking the Supreme Court of Canada to overturn that decision.

The Scotch Whisky Association is asking Canada's highest court to stop the operators of the Glenora Inn and Distillery in Cape Breton from using the word "Glen" in the name of its whisky.

Glen Breton Rare Canadian Single Malt Whisky is the only single malt produced in Canada, according to the Glenora Inn and Distillery website.

Earlier this year, the Federal Court of Appeal ruled against the association's argument that the word would confuse consumers into thinking they were buying whisky made in Scotland. Now the association is asking the Supreme Court of Canada to overturn that decision.

U.S. printing company R.R. Donnelley & Sons. Co. of Chicago has increased its offer for competitor Quebecor World, a filing with U.S. regulators shows.

Donnelley, which originally bid $1.3 billion US for Montreal-based Quebecor, has added about $200 million in cash and stock to its offer and "confirmed our intention to assume significant pension liabilities," it said in a letter to Quebecor World.

U.S. printing company R.R. Donnelley & Sons. Co. of Chicago has increased its offer for competitor Quebecor World, a filing with U.S. regulators shows.

Donnelley, which originally bid $1.3 billion US for Montreal-based Quebecor, has added about $200 million in cash and stock to its offer and "confirmed our intention to assume significant pension liabilities," it said in a letter to Quebecor World.

U.S. printing company R.R. Donnelley & Sons. Co. of Chicago has increased its offer for competitor Quebecor World, a filing with U.S. regulators shows.

Donnelley, which originally bid $1.3 billion US for Montreal-based Quebecor, has added about $200 million in cash and stock to its offer and "confirmed our intention to assume significant pension liabilities," it said in a letter to Quebecor World.

U.S. printing company R.R. Donnelley & Sons. Co. of Chicago has increased its offer for competitor Quebecor World, a filing with U.S. regulators shows.

Donnelley, which originally bid $1.3 billion US for Montreal-based Quebecor, has added about $200 million in cash and stock to its offer and "confirmed our intention to assume significant pension liabilities," it said in a letter to Quebecor World.

U.S. printing company R.R. Donnelley & Sons. Co. of Chicago has increased its offer for competitor Quebecor World, a filing with U.S. regulators shows.

Donnelley, which originally bid $1.3 billion US for Montreal-based Quebecor, has added about $200 million in cash and stock to its offer and "confirmed our intention to assume significant pension liabilities," it said in a letter to Quebecor World.

U.S. printing company R.R. Donnelley & Sons. Co. of Chicago has increased its offer for competitor Quebecor World, a filing with U.S. regulators shows.

Donnelley, which originally bid $1.3 billion US for Montreal-based Quebecor, has added about $200 million in cash and stock to its offer and "confirmed our intention to assume significant pension liabilities," it said in a letter to Quebecor World.

Employers in the United States in May cut their payrolls by 345,000 — a much smaller drop than the 520,000 reduction expected by economists — but that was the smallest job loss since September.

While the pace of layoffs in the U.S. may be showing signs of easing, the unemployment rate in the U.S. rose by 0.5 percentage points last month to 9.4 per cent — the highest rate since July 1983. Economists had been forecasting a May unemployment rate of 9.2 per cent.

Employers in the United States in May cut their payrolls by 345,000 — a much smaller drop than the 520,000 reduction expected by economists — but that was the smallest job loss since September.

While the pace of layoffs in the U.S. may be showing signs of easing, the unemployment rate in the U.S. rose by 0.5 percentage points last month to 9.4 per cent — the highest rate since July 1983. Economists had been forecasting a May unemployment rate of 9.2 per cent.

Employers in the United States in May cut their payrolls by 345,000 — a much smaller drop than the 520,000 reduction expected by economists — but that was the smallest job loss since September.

While the pace of layoffs in the U.S. may be showing signs of easing, the unemployment rate in the U.S. rose by 0.5 percentage points last month to 9.4 per cent — the highest rate since July 1983. Economists had been forecasting a May unemployment rate of 9.2 per cent.

Employers in the United States in May cut their payrolls by 345,000 — a much smaller drop than the 520,000 reduction expected by economists — but that was the smallest job loss since September.

While the pace of layoffs in the U.S. may be showing signs of easing, the unemployment rate in the U.S. rose by 0.5 percentage points last month to 9.4 per cent — the highest rate since July 1983. Economists had been forecasting a May unemployment rate of 9.2 per cent.

Employers in the United States in May cut their payrolls by 345,000 — a much smaller drop than the 520,000 reduction expected by economists — but that was the smallest job loss since September.

While the pace of layoffs in the U.S. may be showing signs of easing, the unemployment rate in the U.S. rose by 0.5 percentage points last month to 9.4 per cent — the highest rate since July 1983. Economists had been forecasting a May unemployment rate of 9.2 per cent.

Employers in the United States in May cut their payrolls by 345,000 — a much smaller drop than the 520,000 reduction expected by economists — but that was the smallest job loss since September.

While the pace of layoffs in the U.S. may be showing signs of easing, the unemployment rate in the U.S. rose by 0.5 percentage points last month to 9.4 per cent — the highest rate since July 1983. Economists had been forecasting a May unemployment rate of 9.2 per cent.

Employers in the United States in May cut their payrolls by 345,000 — a much smaller drop than the 520,000 reduction expected by economists — but that was the smallest job loss since September.

While the pace of layoffs in the U.S. may be showing signs of easing, the unemployment rate in the U.S. rose by 0.5 percentage points last month to 9.4 per cent — the highest rate since July 1983. Economists had been forecasting a May unemployment rate of 9.2 per cent.

Employers in the United States in May cut their payrolls by 345,000 — a much smaller drop than the 520,000 reduction expected by economists — but that was the smallest job loss since September.

While the pace of layoffs in the U.S. may be showing signs of easing, the unemployment rate in the U.S. rose by 0.5 percentage points last month to 9.4 per cent — the highest rate since July 1983. Economists had been forecasting a May unemployment rate of 9.2 per cent.

The Bank of Canada left a key lending rate unchanged on Thursday, but sounded a warning over the recent rise in the Canadian dollar.

The central bank kept the overnight rate steady at 0.25 per cent — where it said back in April it will remain until the middle of 2010 to help boost the economy.

The bank said the rise in the loonie — which has gone from 79 cents on April 1 to above 90 cents US, with many economists predicting a return to parity with the U.S. dollar — threatens some of the positive factors in the Canadian economy.

The Bank of Canada left a key lending rate unchanged on Thursday, but sounded a warning over the recent rise in the Canadian dollar.

The central bank kept the overnight rate steady at 0.25 per cent — where it said back in April it will remain until the middle of 2010 to help boost the economy.

The bank said the rise in the loonie — which has gone from 79 cents on April 1 to above 90 cents US, with many economists predicting a return to parity with the U.S. dollar — threatens some of the positive factors in the Canadian economy.

The Bank of Canada left a key lending rate unchanged on Thursday, but sounded a warning over the recent rise in the Canadian dollar.

The central bank kept the overnight rate steady at 0.25 per cent — where it said back in April it will remain until the middle of 2010 to help boost the economy.

The bank said the rise in the loonie — which has gone from 79 cents on April 1 to above 90 cents US, with many economists predicting a return to parity with the U.S. dollar — threatens some of the positive factors in the Canadian economy.

The Bank of Canada left a key lending rate unchanged on Thursday, but sounded a warning over the recent rise in the Canadian dollar.

The central bank kept the overnight rate steady at 0.25 per cent — where it said back in April it will remain until the middle of 2010 to help boost the economy.

The bank said the rise in the loonie — which has gone from 79 cents on April 1 to above 90 cents US, with many economists predicting a return to parity with the U.S. dollar — threatens some of the positive factors in the Canadian economy.

Friday, June 5, 2009

One day after filing for bankruptcy protection, General Motors Corp. said Tuesday it has found a buyer for its Hummer brand, and there are parties interested in Saturn and Saab.

GM did not disclose the name of the buyer, but The Associated Press cited anonymous sources who said the buyer was Sichuan Tengzhong Heavy Industrial Machinery Co. of China. Financial terms of the tentative deal, which still needs regulatory approval, were not disclosed.

Canadian sales of cars and trucks plunged in May as turmoil within the sector hurt consumer confidence, according to statistics released Tuesday.

Last year saw the sector report high overall sales, which explains some of the large percentage drop between May 2008 and May 2009. But seasonal factors preclude a meaningful comparison between April and May.

Still, some analysts believe the sector's free-fall, which started even prior to the credit crunch, might finally be over.

One day after filing for bankruptcy protection, General Motors Corp. said Tuesday it has found a buyer for its Hummer brand, and there are parties interested in Saturn and Saab.

GM did not disclose the name of the buyer, but The Associated Press cited anonymous sources who said the buyer was Sichuan Tengzhong Heavy Industrial Machinery Co. of China. Financial terms of the tentative deal, which still needs regulatory approval, were not disclosed.

Washington needs to get a grip on its exploding deficit or risk the United States' longer term recovery, the country's top banker said Wednesday.

Ben Bernanke, chair of the U.S. Federal Reserve, said the government will need to develop a plan to tackle the huge U.S. budgetary shortfall in order to make sure important programs such as Medicare are funded while keeping tax rates competitive.

"In particular, over the longer term, achieving fiscal sustainability — defined, for example, as a situation in which the ratios of government debt and interest payments to GDP are stable or declining, and tax rates are not so high as to impede economic growth — requires that spending and budget deficits be well-controlled," Bernanke said in testimony before a budget committee of the U.S. House of Representatives.

Canadian sales of cars and trucks plunged in May as turmoil within the sector hurt consumer confidence, according to statistics released Tuesday.

Last year saw the sector report high overall sales, which explains some of the large percentage drop between May 2008 and May 2009. But seasonal factors preclude a meaningful comparison between April and May.

Still, some analysts believe the sector's free-fall, which started even prior to the credit crunch, might finally be over.

Washington needs to get a grip on its exploding deficit or risk the United States' longer term recovery, the country's top banker said Wednesday.

Ben Bernanke, chair of the U.S. Federal Reserve, said the government will need to develop a plan to tackle the huge U.S. budgetary shortfall in order to make sure important programs such as Medicare are funded while keeping tax rates competitive.

"In particular, over the longer term, achieving fiscal sustainability — defined, for example, as a situation in which the ratios of government debt and interest payments to GDP are stable or declining, and tax rates are not so high as to impede economic growth — requires that spending and budget deficits be well-controlled," Bernanke said in testimony before a budget committee of the U.S. House of Representatives.

Bombardier Inc. on Wednesday posted lower first-quarter revenues and profits as the company said the poor economy hit its aerospace division.

The Montreal-based company said it made $158 million, or nine cents a share, on revenues of $4.5 billion in the quarter that ended April 30. In the same quarter of last year, the company made $229 million, or 12 cents a share, on revenue of $4.8 billion. All figures are in U.S. dollars.

"The severe recession affecting most economies worldwide has continued to have a negative impact on our first quarter financial results," said Bombardier president and CEO Pierre Beaudoin.

Washington needs to get a grip on its exploding deficit or risk the United States' longer term recovery, the country's top banker said Wednesday.

Ben Bernanke, chair of the U.S. Federal Reserve, said the government will need to develop a plan to tackle the huge U.S. budgetary shortfall in order to make sure important programs such as Medicare are funded while keeping tax rates competitive.

"In particular, over the longer term, achieving fiscal sustainability — defined, for example, as a situation in which the ratios of government debt and interest payments to GDP are stable or declining, and tax rates are not so high as to impede economic growth — requires that spending and budget deficits be well-controlled," Bernanke said in testimony before a budget committee of the U.S. House of Representatives.

Bombardier Inc. on Wednesday posted lower first-quarter revenues and profits as the company said the poor economy hit its aerospace division.

The Montreal-based company said it made $158 million, or nine cents a share, on revenues of $4.5 billion in the quarter that ended April 30. In the same quarter of last year, the company made $229 million, or 12 cents a share, on revenue of $4.8 billion. All figures are in U.S. dollars.

"The severe recession affecting most economies worldwide has continued to have a negative impact on our first quarter financial results," said Bombardier president and CEO Pierre Beaudoin.

Shareholders in Petro-Canada and Suncor Energy Inc. are set to vote Thursday on the proposed merger of the country's two biggest energy firms.

Separate votes are being held in Calgary.

The marriage of the two heavyweights was announced back in March. Petro-Canada equity holders receive 1.28 shares in the new company for each Petro-Canada share, resulting in existing investors getting a 40 per cent piece of the merged entity. Suncor shareholders would own the remaining 60 per cent of the new firm.

Canada's total debt will jump more than 30 per cent by 2013-14 under current economic conditions, the Toronto-Dominion Bank said Tuesday in a new forecast.

The bank said Ottawa's auto bailout package, as well as a lagging economy, will add $167 billion in new public borrowing over the next five years.

That means government debt, estimated at $462.9 billion at the end of fiscal 2008-09, will rise by 36 per cent during the period to almost $630 billion, according to Don Drummond, TD's chief economist, and Derek Burleton, the bank's director of economic analysis.

Shareholders in Petro-Canada and Suncor Energy Inc. are set to vote Thursday on the proposed merger of the country's two biggest energy firms.

Separate votes are being held in Calgary.

The marriage of the two heavyweights was announced back in March. Petro-Canada equity holders receive 1.28 shares in the new company for each Petro-Canada share, resulting in existing investors getting a 40 per cent piece of the merged entity. Suncor shareholders would own the remaining 60 per cent of the new firm.

Shareholders in Petro-Canada and Suncor Energy Inc. are set to vote Thursday on the proposed merger of the country's two biggest energy firms.

Separate votes are being held in Calgary.

The marriage of the two heavyweights was announced back in March. Petro-Canada equity holders receive 1.28 shares in the new company for each Petro-Canada share, resulting in existing investors getting a 40 per cent piece of the merged entity. Suncor shareholders would own the remaining 60 per cent of the new firm.

Shareholders in Petro-Canada and Suncor Energy Inc. are set to vote Thursday on the proposed merger of the country's two biggest energy firms.

Separate votes are being held in Calgary.

The marriage of the two heavyweights was announced back in March. Petro-Canada equity holders receive 1.28 shares in the new company for each Petro-Canada share, resulting in existing investors getting a 40 per cent piece of the merged entity. Suncor shareholders would own the remaining 60 per cent of the new firm.

Shareholders in Petro-Canada and Suncor Energy Inc. are set to vote Thursday on the proposed merger of the country's two biggest energy firms.

Separate votes are being held in Calgary.

The marriage of the two heavyweights was announced back in March. Petro-Canada equity holders receive 1.28 shares in the new company for each Petro-Canada share, resulting in existing investors getting a 40 per cent piece of the merged entity. Suncor shareholders would own the remaining 60 per cent of the new firm.

Shareholders in Petro-Canada and Suncor Energy Inc. are set to vote Thursday on the proposed merger of the country's two biggest energy firms.

Separate votes are being held in Calgary.

The marriage of the two heavyweights was announced back in March. Petro-Canada equity holders receive 1.28 shares in the new company for each Petro-Canada share, resulting in existing investors getting a 40 per cent piece of the merged entity. Suncor shareholders would own the remaining 60 per cent of the new firm.

Canada's total debt will jump more than 30 per cent by 2013-14 under current economic conditions, the Toronto-Dominion Bank said Tuesday in a new forecast.

The bank said Ottawa's auto bailout package, as well as a lagging economy, will add $167 billion in new public borrowing over the next five years.

That means government debt, estimated at $462.9 billion at the end of fiscal 2008-09, will rise by 36 per cent during the period to almost $630 billion, according to Don Drummond, TD's chief economist, and Derek Burleton, the bank's director of economic analysis.

Canada's total debt will jump more than 30 per cent by 2013-14 under current economic conditions, the Toronto-Dominion Bank said Tuesday in a new forecast.

The bank said Ottawa's auto bailout package, as well as a lagging economy, will add $167 billion in new public borrowing over the next five years.

That means government debt, estimated at $462.9 billion at the end of fiscal 2008-09, will rise by 36 per cent during the period to almost $630 billion, according to Don Drummond, TD's chief economist, and Derek Burleton, the bank's director of economic analysis.

Canada's total debt will jump more than 30 per cent by 2013-14 under current economic conditions, the Toronto-Dominion Bank said Tuesday in a new forecast.

The bank said Ottawa's auto bailout package, as well as a lagging economy, will add $167 billion in new public borrowing over the next five years.

That means government debt, estimated at $462.9 billion at the end of fiscal 2008-09, will rise by 36 per cent during the period to almost $630 billion, according to Don Drummond, TD's chief economist, and Derek Burleton, the bank's director of economic analysis.

Canadian auto parts supplier Magna International Inc. hopes to complete a deal to take a majority stake in car maker Opel by September, Magna's co-CEO said Wednesday.

Siegfried Wolf visited Adam Opel GmbH's headquarters days after hammering out an agreement with Opel parent General Motors Corp. and the German government to move forward with a rescue plan for the company.

"We should roll up our sleeves now and clear up the last open points," Wolf said after an employee meeting. "Then I think we can very quickly come to a conclusion."

Canada's total debt will jump more than 30 per cent by 2013-14 under current economic conditions, the Toronto-Dominion Bank said Tuesday in a new forecast.

The bank said Ottawa's auto bailout package, as well as a lagging economy, will add $167 billion in new public borrowing over the next five years.

That means government debt, estimated at $462.9 billion at the end of fiscal 2008-09, will rise by 36 per cent during the period to almost $630 billion, according to Don Drummond, TD's chief economist, and Derek Burleton, the bank's director of economic analysis.

Canadian auto parts supplier Magna International Inc. hopes to complete a deal to take a majority stake in car maker Opel by September, Magna's co-CEO said Wednesday.

Siegfried Wolf visited Adam Opel GmbH's headquarters days after hammering out an agreement with Opel parent General Motors Corp. and the German government to move forward with a rescue plan for the company.

"We should roll up our sleeves now and clear up the last open points," Wolf said after an employee meeting. "Then I think we can very quickly come to a conclusion."

Canadian auto parts supplier Magna International Inc. hopes to complete a deal to take a majority stake in car maker Opel by September, Magna's co-CEO said Wednesday.

Siegfried Wolf visited Adam Opel GmbH's headquarters days after hammering out an agreement with Opel parent General Motors Corp. and the German government to move forward with a rescue plan for the company.

"We should roll up our sleeves now and clear up the last open points," Wolf said after an employee meeting. "Then I think we can very quickly come to a conclusion."

Mega Brands Inc. said Wednesday it has inked a deal to develop products based on Thomas the Tank Engine characters in the hope of jump-starting the ailing toymaker's own profit train.

Montreal-based Mega Brands, which makes plastic building blocks for kids, signed a multi-year licensing agreement with London-based HIT, which owns the rights to the popular animated engine.

The pact will allow Mega Brands, which competes with the iconic Lego brand blocks for market share, to develop construction models using Thomas and all his buddies who inhabit the make-believe island of Sodor.

Mega Brands Inc. said Wednesday it has inked a deal to develop products based on Thomas the Tank Engine characters in the hope of jump-starting the ailing toymaker's own profit train.

Montreal-based Mega Brands, which makes plastic building blocks for kids, signed a multi-year licensing agreement with London-based HIT, which owns the rights to the popular animated engine.

The pact will allow Mega Brands, which competes with the iconic Lego brand blocks for market share, to develop construction models using Thomas and all his buddies who inhabit the make-believe island of Sodor.

Canada's total debt will jump more than 30 per cent by 2013-14 under current economic conditions, the Toronto-Dominion Bank said Tuesday in a new forecast.

The bank said Ottawa's auto bailout package, as well as a lagging economy, will add $167 billion in new public borrowing over the next five years.

That means government debt, estimated at $462.9 billion at the end of fiscal 2008-09, will rise by 36 per cent during the period to almost $630 billion, according to Don Drummond, TD's chief economist, and Derek Burleton, the bank's director of economic analysis.

Canadian auto parts supplier Magna International Inc. hopes to complete a deal to take a majority stake in car maker Opel by September, Magna's co-CEO said Wednesday.

Siegfried Wolf visited Adam Opel GmbH's headquarters days after hammering out an agreement with Opel parent General Motors Corp. and the German government to move forward with a rescue plan for the company.

"We should roll up our sleeves now and clear up the last open points," Wolf said after an employee meeting. "Then I think we can very quickly come to a conclusion."

Mega Brands Inc. said Wednesday it has inked a deal to develop products based on Thomas the Tank Engine characters in the hope of jump-starting the ailing toymaker's own profit train.

Montreal-based Mega Brands, which makes plastic building blocks for kids, signed a multi-year licensing agreement with London-based HIT, which owns the rights to the popular animated engine.

The pact will allow Mega Brands, which competes with the iconic Lego brand blocks for market share, to develop construction models using Thomas and all his buddies who inhabit the make-believe island of Sodor.

Canadian auto parts supplier Magna International Inc. hopes to complete a deal to take a majority stake in car maker Opel by September, Magna's co-CEO said Wednesday.

Siegfried Wolf visited Adam Opel GmbH's headquarters days after hammering out an agreement with Opel parent General Motors Corp. and the German government to move forward with a rescue plan for the company.

"We should roll up our sleeves now and clear up the last open points," Wolf said after an employee meeting. "Then I think we can very quickly come to a conclusion."

Mega Brands Inc. said Wednesday it has inked a deal to develop products based on Thomas the Tank Engine characters in the hope of jump-starting the ailing toymaker's own profit train.

Montreal-based Mega Brands, which makes plastic building blocks for kids, signed a multi-year licensing agreement with London-based HIT, which owns the rights to the popular animated engine.

The pact will allow Mega Brands, which competes with the iconic Lego brand blocks for market share, to develop construction models using Thomas and all his buddies who inhabit the make-believe island of Sodor.

Mega Brands Inc. said Wednesday it has inked a deal to develop products based on Thomas the Tank Engine characters in the hope of jump-starting the ailing toymaker's own profit train.

Montreal-based Mega Brands, which makes plastic building blocks for kids, signed a multi-year licensing agreement with London-based HIT, which owns the rights to the popular animated engine.

The pact will allow Mega Brands, which competes with the iconic Lego brand blocks for market share, to develop construction models using Thomas and all his buddies who inhabit the make-believe island of Sodor.

Canadian companies sliced their corporate borrowings by more than half in the first three months of the year, Statistics Canada said Tuesday.

The agency said Canadian non-financial firms borrowed $25.5 billion for the first quarter of 2009. That represented a decline of more than 55 per cent from the October-to-December period of 2008, when companies tapped global credit markets to the tune of $58.1 billion.

The global recession has crimped demand for company products and slashed corporate earnings, Statistics Canada said.

Canadian companies sliced their corporate borrowings by more than half in the first three months of the year, Statistics Canada said Tuesday.

The agency said Canadian non-financial firms borrowed $25.5 billion for the first quarter of 2009. That represented a decline of more than 55 per cent from the October-to-December period of 2008, when companies tapped global credit markets to the tune of $58.1 billion.

The global recession has crimped demand for company products and slashed corporate earnings, Statistics Canada said.

Canada suffered its largest quarterly drop in GDP in 18 years, according to figures released Monday.

Statistics Canada said the gross domestic product — essentially the country's income — fell by 1.4 per cent for the first three months of 2009 as companies stopped spending on new equipment because of the global recession.

That means that the country's performance for the January to March period was the worst since 1991.

Canada suffered its largest quarterly drop in GDP in 18 years, according to figures released Monday.

Statistics Canada said the gross domestic product — essentially the country's income — fell by 1.4 per cent for the first three months of 2009 as companies stopped spending on new equipment because of the global recession.

That means that the country's performance for the January to March period was the worst since 1991.

Canada suffered its largest quarterly drop in GDP in 18 years, according to figures released Monday.

Statistics Canada said the gross domestic product — essentially the country's income — fell by 1.4 per cent for the first three months of 2009 as companies stopped spending on new equipment because of the global recession.

That means that the country's performance for the January to March period was the worst since 1991.

Tuesday, June 2, 2009

North America's major stock exchanges posted strong gains in trading Monday, shrugging off slumping GDP in Canada and GM's bankruptcy protection filing south of the border.

In Canada, the TSX rose 233.99 points to hit 10,604.06 in Monday's session. The gain, 2.26 per cent, means that Canada's major equity market has gained more than 1,200 points since the beginning of May.

In the United States, the Dow Jones industrial average jumped 221.11 points in the first session of the week, to reach 8,721.44.

North America's major stock exchanges posted strong gains in trading Monday, shrugging off slumping GDP in Canada and GM's bankruptcy protection filing south of the border.

In Canada, the TSX rose 233.99 points to hit 10,604.06 in Monday's session. The gain, 2.26 per cent, means that Canada's major equity market has gained more than 1,200 points since the beginning of May.

In the United States, the Dow Jones industrial average jumped 221.11 points in the first session of the week, to reach 8,721.44.

North America's major stock exchanges posted strong gains in trading Monday, shrugging off slumping GDP in Canada and GM's bankruptcy protection filing south of the border.

In Canada, the TSX rose 233.99 points to hit 10,604.06 in Monday's session. The gain, 2.26 per cent, means that Canada's major equity market has gained more than 1,200 points since the beginning of May.

In the United States, the Dow Jones industrial average jumped 221.11 points in the first session of the week, to reach 8,721.44.

North America's major stock exchanges posted strong gains in trading Monday, shrugging off slumping GDP in Canada and GM's bankruptcy protection filing south of the border.

In Canada, the TSX rose 233.99 points to hit 10,604.06 in Monday's session. The gain, 2.26 per cent, means that Canada's major equity market has gained more than 1,200 points since the beginning of May.

In the United States, the Dow Jones industrial average jumped 221.11 points in the first session of the week, to reach 8,721.44.

"We have a large commitment to fully utilize these assets, and the opportunity is going to be visible relatively quickly about what can be done here," he told reporters after giving a speech in Montreal.

B.C.'s struggling forestry sector has been hit with another big blow — forestry giant Canfor announced Friday that it's closing three sawmills in the B.C. Interior indefinitely and laying off about 570 workers.

The Vavenby mill north of Kamloops, the Radium mill in southeastern B.C. and the Rustad mill in Prince George will shut down once existing log inventories are processed and finished products are shipped, the company said in a statement.

General Motors Corp. said a group of its debtholders are supporting a new proposal that would see them get 10 per cent of the equity in a revamped GM, plus warrants to acquire another 15 per cent stake.

GM said an unofficial committee of bondholders is backing the proposal.

Under the proposal, a new GM would be created that would acquire the assets from the current GM after a restructuring under bankruptcy protection.

The U.S. Treasury would hold 72.5 per cent of the new GM, while a United Auto Workers benefit trust would hold a 17.5 per cent stake. The remaining 10 per cent would go to current GM debtholders.

A $3.6-billion deficit in March sent the federal government $2.2 billion into the red for the 2008-09 fiscal year, officials said Friday.

The latest reading on the status of the government's coffers comes just days after Finance Minister Jim Flaherty said the deficit for the current 2009-10 fiscal year is projected to hit more than $50 billion.

For the 2007-08 fiscal year, the government ran a surplus of $11.4 billion.

In its monthly fiscal monitor released Friday, the Finance Department said the government slipped into the hole in March as its budgetary revenues fell $3.1 billion, or 14.4 per cent, from March 2008, due to declines in tax revenues.

Oil prices could soar above previous records within "the next two or three years" because of a lack of exploration capacity now, said the Saudi oil minister in Rome on Tuesday.

Saudi Arabia's Minister of Petroleum and Mineral Resources Ali al-Naimi said current low prices are discouraging the search for new oil in the ongoing recession. Energy prices, however, can jump quickly with the greater demand associated with an economic recovery, he said.

Biovail Corp. and its founder and former chairman Eugene Melnyk have reached a truce in their proxy battle.

Melnyk, who is Biovail's largest shareholder, said Tuesday the drug company has agreed to the appointment of Frank Potter to its board of directors and audit committee immediately following May 28's annual meeting.

As part of the agreement, Melnyk and his holding firm, EM Holdings B.V., have agreed not to pursue their own dissident slate of two nominees for Biovail's board. Potter was included on the dissident slate.

Biovail Corp. and its founder and former chairman Eugene Melnyk have reached a truce in their proxy battle.

Melnyk, who is Biovail's largest shareholder, said Tuesday the drug company has agreed to the appointment of Frank Potter to its board of directors and audit committee immediately following May 28's annual meeting.

As part of the agreement, Melnyk and his holding firm, EM Holdings B.V., have agreed not to pursue their own dissident slate of two nominees for Biovail's board. Potter was included on the dissident slate.

A string of charges and writeoffs sent Canadian Imperial Bank of Commerce to a second-quarter loss of $51 million, though that was a far cry from the $1.1 billion loss it reported in the same quarter of last year.

Thursday, May 28, 2009

A string of charges and writeoffs sent Canadian Imperial Bank of Commerce to a second-quarter loss of $51 million, though that was a far cry from the $1.1 billion loss it reported in the same quarter of last year.

A string of charges and writeoffs sent Canadian Imperial Bank of Commerce to a second-quarter loss of $51 million, though that was a far cry from the $1.1 billion loss it reported in the same quarter of last year.

A string of charges and writeoffs sent Canadian Imperial Bank of Commerce to a second-quarter loss of $51 million, though that was a far cry from the $1.1 billion loss it reported in the same quarter of last year.

A string of charges and writeoffs sent Canadian Imperial Bank of Commerce to a second-quarter loss of $51 million, though that was a far cry from the $1.1 billion loss it reported in the same quarter of last year.

A string of charges and writeoffs sent Canadian Imperial Bank of Commerce to a second-quarter loss of $51 million, though that was a far cry from the $1.1 billion loss it reported in the same quarter of last year.

General Motors Corp.'s bid to have its bondholders exchange their holdings for company stock failed to attract enough support, the company said Wednesday, making a bankruptcy filing all the more likely.

GM wanted bondholders, who own about $27 billion US in unsecured debt, to take a 10 per cent stake in the company.

The U.S. government has already put up $19.4 billion in loans to GM, and the Obama administration had said that 90 per cent of the bondholders had to accept the swap deal as a condition of GM getting more public money.

General Motors Corp.'s bid to have its bondholders exchange their holdings for company stock failed to attract enough support, the company said Wednesday, making a bankruptcy filing all the more likely.

GM wanted bondholders, who own about $27 billion US in unsecured debt, to take a 10 per cent stake in the company.

The U.S. government has already put up $19.4 billion in loans to GM, and the Obama administration had said that 90 per cent of the bondholders had to accept the swap deal as a condition of GM getting more public money.

General Motors Corp.'s bid to have its bondholders exchange their holdings for company stock failed to attract enough support, the company said Wednesday, making a bankruptcy filing all the more likely.

GM wanted bondholders, who own about $27 billion US in unsecured debt, to take a 10 per cent stake in the company.

The U.S. government has already put up $19.4 billion in loans to GM, and the Obama administration had said that 90 per cent of the bondholders had to accept the swap deal as a condition of GM getting more public money.

General Motors Corp.'s bid to have its bondholders exchange their holdings for company stock failed to attract enough support, the company said Wednesday, making a bankruptcy filing all the more likely.

GM wanted bondholders, who own about $27 billion US in unsecured debt, to take a 10 per cent stake in the company.

The U.S. government has already put up $19.4 billion in loans to GM, and the Obama administration had said that 90 per cent of the bondholders had to accept the swap deal as a condition of GM getting more public money.

Sales at AbitibiBowater Corp. crashed in the first quarter, but an even bigger drop in costs cut the company's loss.

AbitibiBowater, which is restructuring under bankruptcy protection in Canada and the U.S., cut its loss to $218 million US in the three months ended March 31, down from $248 million in the first quarter of 2008.

Sales fell to $1.11 billion from $1.73 billion, a filing with Canadian securities commissions shows.

The Newfoundland and Labrador government said Tuesday it will step in and pay severance and other benefits to workers who lost their jobs when AbitibiBowater shut down a mill in March.

Still struggling for its survival, AbitibiBowater has yet to pay severance to mill workers and others who lost their jobs when the century-old Grand Falls-Windsor mill closed.

Premier Danny Williams, who made the announcement in Grand Falls-Windsor on Tuesday with other cabinet ministers, said the package will be offered to unionized and non-union workers, including loggers and silviculturists.